New Loans Have Caracas Over A BarrelMay 2012 | Industry News
Caracas is tapping Venezuela's oil wealth at both ends as it agrees long term oil-for-loan deals with China while milking the profits of state-run oil company PdVSA . If these policies continue we are likely to see a collapse in upstream investment which threatens to undermine long-term production goals. Caracas may then be left at China's mercy as it battles to meet its growing oil-for-loans commitments.
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